Dear CoinEx users,
To provide you with more trading options, after rigorous reviews, CoinEx will list PSTAKE and support deposit and withdrawal & Automated Market Making (AMM) on Feb 25, 2022 (UTC). And its trading pair PSTAKE/USDT will be available on the same day.
1. Deposit: 07:00 Feb 25, 2022 (UTC)
2. Withdrawal: 07:00 Feb 25, 2022 (UTC)
3. Trading pair: PSTAKE/USDT
4. Opening method: Call Auction
a. Call Auction
07:00-10:50 Feb 25, 2022 (UTC)
Orders can be placed and canceled
10:50-11:00 Feb 25, 2022 (UTC)
Orders can be placed but cannot be canceled
11:00 Feb 25, 2022 (UTC)
pSTAKE is a liquid staking protocol that unlocks the true potential of staked PoS assets (e.g., ATOM). PoS token holders can deposit their tokens onto the pSTAKE platform to mint 1:1 pegged ERC-20 wrapped unstaked tokens represented as pTOKENs (e.g., pATOM). Users can convert pTOKENs into 1:1 wrapped ERC-20 staked representatives called stkTOKENs by staking the underlying deposited PoS tokens. stkTOKENs, representing staked tokens, accrue staking rewards in the form of pTOKENs (This mirrors the workings of most PoS chains where staking rewards aren't automatically compounded but earned in the form of liquid tokens which can be claimed by a user at any point in time).
pSTAKE allows its users to utilize stkTOKENs in various DeFi protocols to earn additional yield on top of their staking rewards.
PSTAKE is the governance and incentivization token of the pSTAKE protocol. It is an ERC-20 token and powers the protocol’s ecosystem in the following ways:
PSTAKE holders are incentivised to participate in the protocol’s governance to ensure its long-term success and security by staking PSTAKE on the pSTAKE staking contract. Staking the token would provide its holders with a two-fold benefit, including: Participation in protocol improvement proposals through voting；Participation in protocol security.
In order to ensure long-term success of the protocol, the PSTAKE token will be used to incentivise the core contributors of the pSTAKE ecosystem. PSTAKE will also be used as a dis-incentivization token in case stakeholders staking the token act maliciously or are unable to perform their respective duties appropriately.
The Total Genesis Supply of PSTAKE will be 500,000,000. The distribution is designed to maximize decentralisation of protocol governance, while adequately incentivising the core contributors of the long-term growth of the protocol.
What is Automated Market Making (AMM)?
Automated market making (AMM) can calculate the buying and selling price according to the formula, so as to provide a continuous quotation for the market. CoinEx combines AMM with the order book, which means the liquidity pool will be automatically converted into the order book. With the "constant product market maker formula" algorithm in AMM, no matter how large the order book is or how small the liquidity pool is, firm liquidity provision to the market can be guaranteed. Learn more
Fees and Profit
Market supporting automated market making is an AMM market. Compared with normal market, AMM market adopts an independent fees system. The fees for both marker and taker is 0.3%, for market makers is 0.15%. VIP will not enjoy any special fees, and using CET for fees deduction is unavailable. All users are qualified to apply for market makers, and 50% of the market's transaction fees will be rewarded to liquidity providers.
Characteristics of AMM
1. Bonus obtainable from automated market making
User’s provided liquidity will be injected into the pool for automated market making. 50% of the market's transaction fees will be rewarded to liquidity providers in terms of the corresponding pool proportion.
2. Daily bonus can be cumulatively withdrawn
The transaction fee bonus will be calculated once a day and automatically credited into the user's Market Making Account before 4:00 (UTC) the next day. The user can obtain all the accumulated fee bonus after removing liquidity.
3. Free access, no charge required
Assets between Spot Account and Market Making Account can be transferred in real-time by adding and removing liquidity. Each user in a single market can increase liquidity twice a day, and no fees will be charged during the operation.
The assets in the Market Making Account will be injected Into the liquidity pool for automated market making. When the price fluctuates, there will be impermanent losses, and the amount of the two assets will change when the liquidity is removed. More details about impermanent losses
Feb 25, 2022